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TMI Blog2022 (6) TMI 1214X X X X Extracts X X X X X X X X Extracts X X X X ..... is clear from the order of Tribunal that the Counsel for the Corporate Debtor has specifically admitted the debt and submitted to the Tribunal to pass appropriate orders. The counsel for the Corporate Debtor, on instructions of her client, has therefore admitted the debt and default. Upon appreciation of the documents placed on record to substantiate their respective claims, this Adjudicating Authority is of the view that there is an operational debt which is due from the Corporate Debtor and the Corporate Debtor has defaulted in making payment of the amount due and accepted the said default. Therefore, in the absence of any pre-existing dispute, this tribunal admits this application and initiates CIRP on the Corporate Debtor with immedi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant on orders made by the Respondent. The Applicant used to issue running invoices and Respondent used to make payment to the Applicant. ii. That, since inception of the business between the Applicant and Corporate Debtor, many transactions took place and there has been no dispute regarding the quality of goods supplied by the applicant, however, the Corporate Debtor defaulted in making payments for a few invoices. iii. That, the Operational Creditor issued a Demand Notice under clause (a) of sub-rule (1) of Rule 5 of the Insolvency and Bankruptcy Code, 2016 on 05.10.2019 in accordance with the provisions of Insolvency and Bankruptcy Code, 2016 through speed post at the registered address of the Corporate Debtor. iv. That, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... indulging in illegal practices by raising wrong/unethical/false invoices, and the Applicant has failed to provide any documents as to prove that any goods were delivered by them. That the Corporate Debtor, on request of the Applicant, employed Mr. Sandeep Mittal and Ms. Prachi Mittal, in the company in good faith. That both of them, during their employment, cleverly raised wrong invoices on behalf of the Applicant for the goods that were neither ordered and nor received by the Corporate Debtor. The alleged invoices were never known to the Corporate Debtor. That, the Corporate Debtor, after knowledge of said mischief filed a police complaint against both i.e. Mr. Sandeep Mittal and Ms. Prachi Mittal in Meerut Police Sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sted the Applicant for Form D for Financial Year 2015-2016 to 2017-2018 vide email dated 30.07.2019, in the said email, the Corporate Debtor has annexed the purchase ledger of Operational Creditor which clearly shows the pending invoices as demanded by the Operational Creditor. That, the Police Complaint against Sandeep Mittal Prachi Mittal is nothing but an attempt to confuse this Hon'ble Tribunal, the Corporate Debtor is fully aware of the invoices and has never disputed the same. That, based on the abovementioned facts the Hon'ble Tribunal may please to allow the aforesaid application and initiate CIRP of the Corporate Debtor 4. We have heard the Ld. Counsels for the Operational Creditor, Corporate debtor and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, hearing the arguments of the learned counsel for the Operational Creditor as well as the Learned Counsel for the Corporate Debtor and upon appreciation of the documents placed on record to substantiate their respective claims, this Adjudicating Authority is of the view that there is an operational debt which is due from the Corporate Debtor and the Corporate Debtor has defaulted in making payment of the amount due and accepted the said default. Therefore, in the absence of any pre-existing dispute, this tribunal admits this application and initiates CIRP on the Corporate Debtor with immediate effect: (i) The Applicant, in his application, has proposed the name of Mr. Jayanti Jain, to act as interim resolution professional ( IRP ), h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uptcy (Application to Adjudicating Authority) Rules, 2016, require the proposed Interim Resolution Professional to make a declaration in Form 2 confirming his eligibility to be appointed as a Resolution Professional as well as a declaration confirming that no disciplinary proceedings are pending against him in the Insolvency and Bankruptcy Board or elsewhere. The proposed Interim Resolution Professional Mr. Vinod Mr. Ram Phal Bhardwaj has submitted the declaration in Form 2 dated 21.01.2021. (iii) A moratorium in terms of Section 14 of the Code is imposed forthwith on the following: (a) the institution of suits or continuation of pending suits or proceedings against the Respondent including execution of any judgment, decree or ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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